12/30/2014 10:14:43 AM
FOR IMMEDIATE RELEASE
CONTACT: Jenni Bowring-McDonough
Media Relations Coordinator
ST. PAUL, Minn.-Key findings released today by Wakely Consulting Group show Minnesotans currently enrolled in MNsure plans may find significant savings if they return to MNsure to shop rather than auto-renew in their current plan.
The analysis, supported by the Robert Wood Johnson Foundation's State Health Reform Assistance Network, looked at the availability of 2015 MNsure plans and compared that to the increase in financial help available only through MNsure.
A majority of MNsure's 2014 qualified health plan enrollees are in a plan that will no longer be offered on MNsure in 2015. This is largely due to the departure of PreferredOne, which obtained the largest share of QHP enrollees in 2014. PreferredOne, who had the lowest rates on MNsure in 2014, is not offering health insurance plans on MNsure in 2015.
The analysis shows that if PreferredOne enrollees not eligible for an advanced premium tax credit decide to auto-renew into their now off-exchange plan, they would see average premium increases of 66 percent. If these same enrollees switch to the lowest cost plan on MNsure in the same metal level, they could save an average of $86 a month.
The analysis also shows that if PreferredOne enrollees who received an advanced premium tax credit decide to auto-renew into their now off-exchange plan, they would see average premium increases of 164 percent. If these same enrollees switch to the lowest cost plan on MNsure in the same metal level, they could save an average of $296 a month.
"We know it is in the best interest of Minnesotans to shop and compare health insurance and financial help options on MNsure," said CEO Scott Leitz. "The research conducted by this well-respected, outside consulting firm confirms what we have been saying since day one: come to MNsure to shop and compare to make sure you are getting the best deal."
Other key findings show more than 85 percent of current MNsure enrollees reside in areas of the state where the second lowest cost silver premium is increasing, which results in a likely increase in the amount of financial help available to those consumers. Approximately half of MNsure QHP enrollees received this financial help in 2014 that is only available through MNsure.
/assets/consumer-impact-analysis-2014_tcm34-185130.pdfView the Wakely Consulting Group's full report on MNsure (PDF).
Open enrollment for 2015 coverage began November 15, 2014, and ends February 15, 2015. Minnesotans eligible for Medical Assistance or MinnesotaCare can enroll year-round. As of May 2014, 95 percent of Minnesotans have health coverage - the highest percentage in state history.